HoABL, HDFC form development JV for low-rise projects in India
Developer House of Abhinandhan Lodha (HoABL) and HDFC Capital Affordable Real Estate Fund – 3, a subsidiary of HDFC Capital, a subsidiary of HDFC Bank Ltd, and real estate private equity arm of HDFC Group, have come together to create a joint venture platform entailing project investments of Rs 1,500 crore ($18 million) toward the development of new-generation low-rise housing projects in India.
The investment will result in a gross development value (GDV) of Rs 4,500 crore ($54 million). The joint venture entails the development of new-generation low-rise projects all over India.
The company is currently executing projects in Maharashtra, Goa, UP and Himachal Pradesh spread across eight different locations.
Vipul Roongta, managing director and CEO, HDFC Capital Advisors Limited, said, “We believe there is a significant unmet demand for mid-income low-rise housing in the peripheral areas of Tier 1 cities and Tier 2 cities, driven by improved connectivity on